Booted & Suited

It’s a building, so what’s the problem

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It can’t get up and hurt someone, or can it?

When you take out property owners insurance, in addition to the cover for the building, you get cover for your liabilities, for injury to people or damage to other people’s property.

Public liability covers members of the general public, including tenants, visitors and the like and employer’s liability takes care of people you employ, such as, gardeners, handymen and cleaners.

If someone were to trip up on a loose paving stone, or a stair carpet, then they may have a case against you for the injury sustained, private treatment and any loss of earnings. The total could run into tens of thousands of pounds.

The same applies to employees who are injured whilst doing work at your direction and would extend to and the provision of a safe working environment, PPE, scaffolding, cleaning and garden equipment.

Cover also includes damage done to property, for instance if tiles fell of a roof which had not been maintained properly and crashed down on a parked car, god forbid landing on a person.

Public liability cover is included, #becauseaccidentshappen to nice people all the time, whereas employer’s liability is optional, so check carefully.

Have a great week 😎

Nigel

Is it covered?

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I once remember getting a call from a landlord who wanted to know if he was covered!

He was asking if he could claim for a new boiler because his wasn’t working any more. I asked why it wasn’t working and it transpired that it was simply old and had worn out.

I then had to explain that all insurance policies were designed to respond to defined “perils” such as Fire, Lightning, Explosion, Storm, Theft, Malicious Damage and that these events had to happen on an identifiable date.

What they are not designed to do is replace routine maintenance, or simply pay for things which have reached the end of their natural life.

Its why all policies covering damage to property always have a condition excluding damage resulting from any gradual cause, including deterioration, wear and tear.

This includes mildew, fungus, climatic or atmospheric conditions, frost, wet or dry rot.

An exclusion also exists for vermin, insects, chewing, scratching or tearing, or fouling by pets.

There are other exclusions routinely applied and in the contents section of your policy, look for “Exclusions that apply to the whole of your policy” or a similar wording.

Most of these are common sense applied to things which ae never meant to be covered, or in some circumstances where compensation would come under law, or from the government, such as sonic booms, war, or nuclear explosions.

If you’d like to know more about the detail of your policy wording, and what is and is not covered, in any particular circumstance, I’d relish the challenge!

I don’t think there is a question I can’t answer, so have a go!

BIBA 2023

BIBA 2023 Manchester Central

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As a proud member of The British Insurance Brokers Association for over 40 years, and now as a board member, I can say without any hesitation that the BIBA conference in May each year, bringing brokers and insurers together in one place for three days, is one of the best and most productive weeks of the year.

This year the theme is “Rising to the Challenge” The BIBA Conference 2023 | The British Insurance Brokers’ Association

If you have annual arrangements you wish to arrange or renew, doing it at the BIBA conference each year is probably the most effective way. The range of providers present and more importantly decision makers, all in one place make for an excellent conference.

Add to that the line up of keynote speakers and sessions each year, bring everyone up to date with what’s new and emerging as well as all the legal and regulatory matters that will affect our businesses going forward over the next 3 – 5 years. If you are an insurance professional #biba2023 is the place to be.

It’s also nice to be in the middle of something which has been in planning for the last 12 months, leading directly from the manifesto which is published in January each year. In 2023 we are #managingrisk & #deliveryingstability.

Looking forward to meeting friends old and new and securing services that will directly benefit our clients going forward.

Have a great week, I know I will.

 

 

 

Building Fire

At your peril!

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Let’s Talk about Insurance basics 101 – Part 2

MATERIAL DAMAGE is the main concern of most clients in the first instance, that is damage or destruction of STUFF!

We could be talking about buildings, stock, equipment, machinery, fixtures and fittings, computers among other things, but what are the actual events for which they are covered?

These are called the PERILS!

They include:

  • Fire, Lightning, Explosion & Earthquake
  • Riot & Civil Commotion
  • Malicious damage
  • Aircraft and aerial devices
  • Impact by vehicles, animals
  • Storm or Flood
  • Theft or attempted Theft
  • Subsidence, Ground Heave or Landslip
  • Escape of water or oil from fixed appliances
  • Falling Trees
  • Accidental breakage of fixed glass
  • Breakage or collapse of television radios or aerials
  • Accidental damage to underground pipes and cables
  • Wider accidental damage
  • All Risks cover world wide

Even with the all-risks cover you must understand, that an event must occur. There has to be an identifiable event that causes the damage, destruction or loss. Gradual deterioration over time is never covered, neither is normal wear and tear or fouling by domesticated pets.

There are a few more general exclusions which include War, Nuclear Explosions, Sonic Bangs, Electronic malfunction risks and now communicable diseases. The first three, along with diseases, are all events that would be addressed by governments or existing laws as the costs and implications are too widespread for any insurer to afford.

There are of course other extensions to cover and other more specific exclusions, so always read your policy wording, understand what is or is not covered, #becauseaccidentshappen to nice people all the time.

Better still ask a professional for advice.

Have a great day.

Defence

Where did my money go and how can I get it back?

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Just because you have a financial loss, doesn’t mean your insurance will pay up, so understanding what is and what is not covered is crucial in business, #becauseaccidentshappen to nice people all the time.

The first concept to understand about insurance, is that it centres around specific events, such as:

  • Fire
  • Lightning
  • Explosion
  • Earthquake
  • Aircraft
  • Impact
  • Riot and Civil Commotion
  • Storm, Tempest or Flood
  • Escae of water or oil from fixed equipment
  • Collapse of aerials
  • Theft or Attempted Theft
  • Subsidence, Ground Heave or Landslip

Even where cover is give including “Accidental Damage” or even on an “All Risks Basis” there must be a specific event, leading directly to the damage or loss. This is called the proximate cause.

Cover never includes deterioration over time, because of a lack of maintenance. If your roof gets old and leaky, or an old boiler ceases to function, don’t expect the insurers to pay. It is your responsibility to keep the property in a good condition.

Likewise, any damage caused by a “gradually operating cause” is also excluded, for instance pollution damage over several years from the local steel works.

Fundamental exclusions applying to the whole policy will always include:

  1. War
  2. Radioactive Contamination
  3. Sonic Bangs
  4. Changes in the Water Table
  5. Electronic Risks

Want some advice or guidance that is #openhonesttransparent, give us a call on 029 20 470 375 or email info@severnbay.com

Have a great day

 

Factory Fire

The Big Three!

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When considering continuity provisions for any business, we look at all the events that could interrupt the income stream of the business and prevent it from delivering its prioritised products and / or services, regardless of whether they can be insured or not.

Those that can be insured are and provision is made, but active plans will also exist for continuation after those events, along with all those things you can’t insure, including supply chain, competition, commercial risks, staff problems, contractual and legal issues to name but a few.

Of course, a comprehensive insurance programme is required, and is one of the core elements of any risk management or continuity provision.

Its three main considerations will always be:

  • Damage to Valuable Property / Assets
  • Loss of Profits following physical loss or damage
  • Legal & Financial Liabilities

There are of course many other insurable risks, and a qualified professional adviser will always look at the exposures in your business and design a programme to cover all of the potential insurable threats that have financial consequences for it.

If you want to discuss your exposures and how they can be mitigated, under a variety of different circumstances, please feel free to contact me directly, on 029 20470 375 or email nigel@severnbay.com

Always happy to have a completely obligation free chat to discuss Continuity, Insurance or Risk Management.

After all #accidentshappen to nice people all the time.

Have a great day!

Are you renting properties to students? Now’s the perfect time to review your insurance cover

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